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4/14/16
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Waterline, a newly-built, 243-unit, mid-rise apartment property located along the Willamette River in Portland’s North Pearl District, was purchased by Greystar. The asset was sold by Fore Property Company and its finance partner.
Waterline is situated on approximately 1.77 acres at 2080 NW Front Ave near I-405, Hwy 30 and numerous retail, dining and entertainment attractions in Portland’s Pearl District and NW 21st/23rd Corridor. Completed in 2015, the property has 1.1k sf of 100-percent-leased ground floor retail and 243 studio, one- and two-bedroom units averaging 796 sf each.
Residences feature luxury finishes, large floor plans, in-unit washers/dryers, stainless appliances, quartz countertops, European-style cabinetry and views of the iconic Fremont Bridge and Willamette River. Additionally, community amenities include a rooftop deck, community lounge, fitness center, yoga/Pilates studio, community courtyards, pet services and washing station, bike storage and a 268-space controlled access parking garage.
Ira Virden and Carrie Kahn of HFF represented Fore Property Company and its finance partner. In addition, Andy Scott, Charles Halladay and Michael Cosby of HFF worked on behalf of the new owner to place a floating-rate acquisition loan with MetLife.
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